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Assembly reviews FY2027 budget assumptions; staff directed to pursue library talks and options to shore LEF
Summary
Finance Director Charlene Thomas presented FY2027 budget assumptions (2% COLA, 10% health insurance increase, $400,000 added transient occupancy revenue); assembly discussed school district central-treasury liabilities, a $3.5M oil-spill appropriation awaiting insurance reimbursement, transit subsidy/CPV fund allocations and library funding; staff were given direction to negotiate with the city on the library contract and to include transient-occupancy revenue changes in the budget ordinance process.
Finance Director Charlene Thomas led a work session on the borough’s proposed FY2027 budget, laying out core assumptions: a 2% cost-of-living adjustment (COLA), a projected 10% increase in health-insurance premiums, an interfund-loan interest rate of 3.07%, no new positions, and an added $400,000 in transient-occupancy (cruise/visitor) revenue included in the baseline.
Thomas said the presentation intentionally used conservative revenue assumptions (2% growth on sales and transient occupancy) and that moving transit into a separate special-revenue fund produced a more accurate picture of the general fund’s net transit cost. She also noted the borough’s current accounting work with auditors to reflect the school district’s roughly $5.4 million central-treasury liability properly between funds.
Assembly members spent substantial time on three…
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